The largest memecoin dedicated to Donald Trump has soared from lows as the former president’s odds of winning the November election grow. Trump altcoin has previously fluctuated following events such as assassinations and debates. However, the PolitFi trend has seen prediction platforms grow as volumes shift to surveys, and tokens in this space are not seeing as great demand as expected.
Trump Coin Rises
TRUMP (MAGA), which reached $1.64 on September 24, rose to $5.67 by October 7. This represents a 246% increase in about two weeks. This move coincides with Donald Trump taking the lead in crypto prediction platform Polymarket’s “2024 Presidential Election Winner” poll.
The increased likelihood of Trump winning the elections is positive for cryptocurrencies in general. However, further rises may be triggered in tokens such as MAGA. Before prediction platforms came to the fore, there were many days when multiple Trump tokens experienced simultaneous rises.
Election Expectations and Market Effects
MAGA is currently trading at $4.37 and its market cap is $201.1 million. If Trump wins the election, crypto assets and Bitcoin 
$62,401 positive effects will be seen. Trump promises to fire the current SEC chairman the day he takes office.
According to Polymarket, Trump’s chance of winning in the November 5 election is 52.6%, while Kamala Harris’ chance is 46.7%. The Republican candidate brought crypto into the spotlight as part of his campaign earlier this year, stating that he aims for the United States to become the “crypto capital of the planet” by revitalizing the cryptocurrency industry. It also launched its own crypto platform, World Liberty Financial (WLFI).
“Both candidates will tend to increase public spending, which will favor Bitcoin and digital assets.” –Hayes
BitMEX founder Arthur Hayes stated that regardless of the US election result, increased government spending will be positive for Bitcoin and digital assets. VanEck’s Head of Crypto Assets, Matthew Sigel, stated that both candidates are positive for Bitcoin.
Expert Opinions
Both candidates will maintain or increase fiscal spending, which historically would be positive for this asset class, Sigel said.
As a result, the rise of the Trump-backed memecoin moves in tandem with the increase in electoral odds. Beyond the election result, experts predict that increased government spending will have positive effects on crypto assets. This is considered an important indicator for the general dynamics of crypto markets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
